COMMUNICATION SPECTRUM OF CORPORATE SOCIAL RESPONSIBILITY REPORTING

The prevalent application of reports on Corporate Social Responsibility (CSR) significantly changed the way companies communicate with their stakeholders. Contents of these reports focus on the company's Triple Bottom Line (TBL) as a model that obtains the balance between financial, environmental and social performances of business. By achieving this balance, companies successfully respond to striving demands of sustainable development. Significant governmental and non-governmental initiatives and organizations around the world have already recognized the importance of mandatory CSR reporting, and therefore advocate its standardization process. This is a proper response to the growing demands of managers and stakeholders for prompt and transparent information's regarding the company triple bottom line. The contents and the process of creating and publishing a CSR report require development of such databases that can provide integral analysis of company financial, environmental and social impacts. Adequate reporting process can be implemented only thru continuous communication of a company with its internal and external stakeholders. In this paper, authors determine the scientific aspects of CSR communication spectrum between a company and its stakeholders. Therefore, the aim of their research is to promote CSR reporting as a relevant mean of stakeholder management and evaluation of business sustainability.